Prenuptial agreements – just for the rich and famous? – Express.co.uk

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Prenuptial agreements – just for the rich and famous?

Moneyseeker‘s insight:

I’m not being cynical when I say that every couple should have or at least have considered a pre-nup (or contracting out agreement as we call them here in NZ).

This type of agreement is a really important part of the ‘money conversation’ whether this is your first or fifth relationship.

No, you aren’t setting yourself up to fail.

You are setting yourself up to succeed and have some peace of mind that you have a well thought out plan should your relationship fail, just as you should do if either one of you get hit by a bus!

If you are contemplating a contracting out agreement make sure you get advice from a legal professional that specializes in this area.  I have seen a number of agreements that are very ambiguous, or just plain unworkable.

Secondly, make sure you review the agreement and update it for changes in your life.  This isn’t the sort of document that you prepare and forget.  Pull it out at least every five years (some legal professionals suggest every two, and I have no problem with that), review it, update it and file it away until the next review.

So, if you are in a relationship, make sure you have the money conversation and talk about contracting out agreements early on.  Don’t wait until you are on the steps of the altar, or about to move in together.

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3 thoughts on “Prenuptial agreements – just for the rich and famous? – Express.co.uk

  1. There are lots of important discussions that need to be had at the beginning of a relationship. Once the initial hormones have subsided, its important to know that you both want the same things and to understand what they are. With a much longer life expectancy and a higher percentage of relationships that don’t go the distance, isn’t the best time to have these discussions when everything is going well, you are united in your love for each other and you want the best for each other, whether or not this is the real thing?

    • Thanks for your comment, I agree with you. Prenups are becoming more mainstream and I think clients are feeling more comfortable talking about them. I think the key is to make it a joint discussion and not leaving it to the last minute so one party feels as if it is being forced upon them.

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